Sit Investment Associates Inc. Has $4.02 Million Stock Position in Argan, Inc. (NYSE:AGX)

Sit Investment Associates Inc. grew its position in Argan, Inc. (NYSE:AGX) by 1.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 29,325 shares of the construction company’s stock after acquiring an additional 300 shares during the quarter. Sit Investment Associates Inc.’s holdings in Argan were worth $4,019,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AGX. Amundi increased its holdings in Argan by 8.6% in the fourth quarter. Amundi now owns 859 shares of the construction company’s stock worth $118,000 after buying an additional 68 shares during the last quarter. Savant Capital LLC grew its position in Argan by 1.3% in the fourth quarter. Savant Capital LLC now owns 10,552 shares of the construction company’s stock worth $1,446,000 after acquiring an additional 133 shares in the last quarter. Hillsdale Investment Management Inc. increased its stake in shares of Argan by 0.6% during the 4th quarter. Hillsdale Investment Management Inc. now owns 26,763 shares of the construction company’s stock worth $3,668,000 after purchasing an additional 150 shares during the last quarter. Spire Wealth Management acquired a new position in shares of Argan during the 4th quarter worth $26,000. Finally, Farther Finance Advisors LLC bought a new position in shares of Argan during the 4th quarter valued at $32,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Argan Stock Performance

AGX opened at $120.60 on Friday. The firm has a market cap of $1.64 billion, a P/E ratio of 25.23 and a beta of 0.58. The business has a 50 day moving average price of $131.32 and a 200 day moving average price of $136.19. Argan, Inc. has a twelve month low of $48.85 and a twelve month high of $191.46.

Argan (NYSE:AGX) last posted its quarterly earnings data on Thursday, March 27th. The construction company reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $1.07. The business had revenue of $232.47 million during the quarter, compared to the consensus estimate of $197.50 million. Argan had a net margin of 8.20% and a return on equity of 21.66%. Argan’s quarterly revenue was up 41.3% on a year-over-year basis.

Insider Activity

In other news, Director Peter W. Getsinger sold 800 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $155.24, for a total value of $124,192.00. Following the completion of the sale, the director now directly owns 19,177 shares of the company’s stock, valued at approximately $2,977,037.48. This represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Richard H. Deily sold 2,000 shares of the firm’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $150.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief financial officer now owns 9,367 shares in the company, valued at approximately $1,405,050. The trade was a 17.59 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,185 shares of company stock valued at $1,644,859. 11.85% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Separately, Lake Street Capital upgraded shares of Argan from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a report on Friday, March 28th.

About Argan

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market. The company operates through Power Services, Industrial Services, and Telecom Services segments. The Power Services segment offers engineering, procurement, and construction, as well as designing, building, and commissioning of large-scale energy projects to the owners of alternative energy facilities, such as biomass plants, wind farms, and solar fields; and design, construction, project management, start-up, and operation services for projects with approximately 18 gigawatts of power-generating capacity.